Frost’s wealth-management unit separates from bank

Frost Bank said in statement Friday that its boutique wealth-management unit has separated from the bank to form a new company.

Frost described the unit as a “niche service” of its larger financial management operation. Wealth management contributed a penny per share in earnings last year, Frost said.

Frost has no plans to replace departing employees; a Frost spokeswoman declined to say how many employees are leaving. Frost expects its existing trust and financial-management team will service wealth-management customers.